Coronavirus could be 'potentially more serious' than the 2008 crash, a top Obama economist says.
NBC News: You have proposed a one-time payment of $1,000 to every adult and $500 to every child in the country. Why do you think that’s the best approach?
NBC News: The president hasn’t put out details, but he’s said his preferred approach is a payroll tax cut. What do you make of that idea? Furman: In a normal recession, state revenues go down a lot and that can lead them to cut back. That is going to happen. In addition, state spending is going to go up a lot to take all the public health measures and treatment measures we’re going to need to do right now.
Furman: You can obviate that concern, and I strongly think you should, by passing something today and including with it triggers that continue based on economic circumstances. So, you can write people checks this year and if the unemployment rate is above 5.5 percent, they get the checks next year, or raise the Medicaid match rate, then make a formula that links it to the unemployment rate by state.
Furman: The White House response has been pathetic, inconsistent, at times too small, and sometimes flailing in different directions. I've been really disappointed. As recently as Friday of last week, their top economic advisers were talking about how very little needed to be done, just little targeted measures. They keep floating a payroll tax cut, but they haven’t proposed it.
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